CAIRO: The Egyptian Exchange (EGX) is likely to ride an upward move Thursday as the benchmark index EGX30 managed to move towards the resistance level of 9,800 points, Adham Gamal Eldin, head of the technical analysis desk at Cairo Capital Securities told The Cairo Post.
Gamal attributed the rise to the aggressive buying power that led the index during Wednesday’s session to close violating the mentioned level accompanied with a high volume.
“While the buyers showed that they are controlling at this phase, we should be aware of a possible profit taking wave in the upcoming few sessions,” Gamal predicted.
The Egyptian main index (EGX 30) closed Tuesday on a positive note as EGX30 added 0.53 percent and 16 of 30 index movers closed in the green area, said the analyst.
The market faces the level of (98,00-9,830) points as a resistance, then 10,000 points, while the level of 9,400 – 9,300 acts as first support level followed by 9150 points, Gamal detailed,
“Investors are advised to choose their stocks and take profits near resistance levels for short-term trading purpose and activate their stop loss,” the analyst recommended.